If you try to find out what real estate prices are in Herceg Novi today, you'll quickly run into a problem.
There is no single price.
You can open official statistics, look at ads on several portals, ask an agent or a neighbor who recently sold an apartment – and get completely different answers.
Moreover, each of them can be correct in its own way.
According to EstitorIn the second quarter of 2026, the average asking price for an apartment in Herceg Novi was 3,190 euros per square meter.
A year earlier – 2,893 euros.
We get growth of approximately 10% per year.
Everything seems simple.
But what exactly does €3,190 mean?
An apartment in Igalo, a kilometer from the sea, and an apartment in Savina, two hundred meters from it – is this the same market?
An old apartment without renovation and a new apartment with a garage - the same market?
Should the first floor without a view and the top floor with an open view of the bay cost the same just because they are in the same opshtina?
Obviously not.
Therefore, the average price per square meter itself says much less about the market than it seems.
Let's start with what we think in general
There are official statistics MONSTAT.
But there is a nuance here.
MONSTAT calculates prices of apartments in new buildings for which purchase agreements have been signed with investors. The secondary market is not included in these statistics.
Furthermore, there are no separate statistics for Herceg Novi. There is the Primorsky Region of Montenegro, which includes Herceg Novi along with other coastal municipalities.
That is, the data is good.
They just don't quite answer the question we're asking.
There is Estitor.
Here you can already view Herceg Novi directly. The portal lists 1,343 active listings for the second quarter of 2026.
And I already have questions about this figure.
I have a good enough understanding of the local market size to understand: There can't be 1,343 different apartments for sale at the same time in Herceg Novi.
Realitica provides even more impressive figures – several thousand ads.
But of course, there are not even several thousand apartments that are actually currently on sale here.
In my opinion, the actual number of unique apartments that are actually on the market at a given time is more likely measured approximately 150–200 objects, not thousands.
Where do thousands of ads come from then?
Very simple.
A single apartment can be listed by five, ten, or sometimes even more agencies at the same time. Each agency has its own listing.
Added to this are old listings for properties already sold or taken off the market. Some are simply forgotten to be removed. Others continue to live on portals significantly longer than the apartment itself.
There are also advertisements that remain on the Internet more as a tool for attracting clients than as an offer of an actual existing property.
Therefore, 3,000 adverts do not necessarily mean 3,000 apartments.
And even 1,343 ads do not necessarily mean 1,343 apartments.
This is important to understand when we start calculating the average price.
Have prices really increased by 130%?
Yes.
This figure seems almost unbelievable, but it is real.
In the first quarter of 2020, the average price per square meter of new construction in Montenegro was 940 euro.
In the first quarter of 2025 - 2 158 euro.
Height - 129,6 %.
That is, the same approximately 130% over five years.
But here it is very important not to draw a bad conclusion from good statistics.
It is a does not meanthat each apartment in Herceg Novi has increased in price by 130% in five years.
And it doesn’t even mean that the Herceg Novi market has grown by exactly 130% on average.
This is the dynamics of the average price of new buildings in Montenegro.
The coast had its own dynamics. The secondary market had its own. Herceg Novi had its own. And for a specific apartment, it could be completely different.
Nevertheless, the trend itself is obvious.
Real estate prices have risen significantly in recent years.
Now let's try to understand how much it costs today.
Herceg Novi is more than just one market
According to Estitor data for the second quarter of 2026:
| Area | Average asking price |
| Meline | 2,650 €/m² |
| Nyvice | 2,650 €/m² |
| Savina | 2,650 €/m² |
| Dzhenovichi | 2,650 €/m² |
| Baošići | 2,650 €/m² |
| Igalo | 2,650 €/m² |
| Kumbor | 2,650 €/m² |
| Center | 2,650 €/m² |
| Topla | 2,650 €/m² |
| Kamenari | 2,650 €/m² |
| Biela | 2,650 €/m² |
| Gomila | 2,650 €/m² |
It turns out to be a funny thing.
Melina - 4,173 euros.
Gomila - 2,089.
The difference is almost twofold.
And all this is one opshtina.
But even here I wouldn't rush to conclude that a square meter in Melina really costs exactly twice as much as a square meter in Gomil.
A few expensive apartments can significantly alter the average value of a small real-world sample. And when the same apartment appears on the portal multiple times with different agencies, the average also begins to depend on the structure of the listings themselves.
Therefore, portal data is useful.
But they must be perceived precisely as such ad statistics, and not as a census of apartments actually sold.
The sea and the view are worth the money
If we exclude luxury, expensive new complexes, and other properties that can significantly distort the average price, the aggregated data on actual transactions with ordinary secondary housing in 2026 provides the following picture:
up to 300 meters from the sea - 3,322 €/m²;
up to 600 meters from the sea - 3,322 €/m²;
about 1,000 meters - 2,328 €/m².
These are no longer just the sellers' wishes.
This is aggregated data from several samples. actually completed transactions.
They are not official government statistics and do not claim to cover all sales in the opshtina. However, they do offer an opportunity to look at the market from a different perspective.
And the picture turns out to be quite interesting.
Up to 300 meters - 3,322.
Up to 600 - 3,163.
The difference is less than 5%.
And about a kilometer away - already 2,328.
Almost 30% lower than the first group.
But it would be too simple to explain this difference only by the distance to the water.
Because in Herceg Novi the sea and the view are worth the money.
Moreover, these are two different characteristics.
You can be very close to the sea and look at the wall of the neighboring house.
Or you can be located much higher and have an open panorama of the entire Bay of Kotor.
The second object may well turn out to be more expensive than the first.
Therefore, the distance to the sea works together with the view, height, accessibility and quality of the property itself.
What about luxury??
Until now I have deliberately excluded luxury from my calculations.
The reason is simple: if you mix regular resale apartments and expensive real estate in the same area, the average price quickly begins to lose its meaning.
But this does not mean that luxury is not part of the Herceg Novi market.
It is. And quite noticeable.
According to aggregated data from actual transactions in 2026, the average price per square meter in this segment is €5,309/m².
For comparison:
regular secondary housing up to 300 meters from the sea - €3,322/m²;
luxury — 5 309 €/m².
The difference is almost 60%.
But even here, the word luxury itself explains little.
Price is no longer determined simply by area and distance from the sea. Important factors include the waterfront location, open views, quality of design and construction, architecture, complex infrastructure, swimming pool, garage, grounds, services, and, finally, the address itself.
Therefore, an apartment for 5,000–6,000 euros per square meter does not prove that “Herceg Novi now costs 5,000.”
She proves something else:
Within one market there are different segments with completely different pricing.
This is why we consider luxury separately from the regular secondary market.
In Herceg Novi, kilometer to kilometer is different
Herceg Novi is located on the slopes.
And this is one of the features of the local market that is difficult to see in the tables.
The distance to the sea on the map sometimes means little at all.
You can live 700 meters from the sea and easily walk there.
Or you can live at approximately the same distance and remember every day that you will have to walk back up these 700 meters.
There are stairs.
There is a highway.
There is a difference in altitude.
There are areas where a car practically ceases to be a convenience and becomes a necessity.
And at the same time, it is precisely the height that sometimes gives what the buyer is willing to pay more for, sea view.
Therefore, there is no simple relationship here:
further from the sea = cheaper.
More correct:
sea + view + relief + accessibility.
And their combination begins to form the price.
The size of the apartment also costs money.
There is one more pattern.
Estitor in Q2 2026 shows:
studios — 3,581 €/m²;
one bedroom – 3,334 €/m²;
two bedrooms - 3,074 €/m²;
three bedrooms - 2,626 €/m².
That is, the larger the apartment, the cheaper its square meter.
At first glance it is strange.
In fact, it’s completely logical.
A 30 m² studio, even at 3,500 euros per meter, costs 105,000 euros.
A 100 m² apartment for 2,600 is already 260,000.
These are completely different budgets and a completely different number of potential buyers.
The buyer purchases the apartment in its entirety.
We came up with the square meter later to make comparisons easier.
Listing price and transaction price
And here too there is a common misconception.
If an apartment is listed for 200,000 euros, but the contract states 190,000, it’s very convenient to write: “the market shows a 5% negotiability.”
I wouldn't write like that.
Getting even a 5% discount on a decent property can be difficult. And talk of a typical bargaining price of 10–20 euros often bears little relation to the reality of the local market.
In addition, the ad price and the price specified in the contract may differ not only due to bargaining.
Transaction circumstances vary. The terms of sale may or may not include furniture, a garage, a parking space, or other property.
There is another reason that cannot be completely excluded from the analysis: the parties may indicate a price in the contract that is lower than the actual one, hoping to reduce the tax burden.
But there's an important nuance here. In Montenegro, the tax base for real estate turnover tax is determined based on market value. If the price in the purchase document is lower than the market value, the tax authority has the right to independently determine the market value based on comparable data, or, if such data is unavailable, to engage a licensed appraiser.
Therefore, the difference between the listing price and the price specified in a specific contract cannot be automatically considered the amount of the bargaining chip.
These are two points.
What exactly happened between them is a separate question.
The more independent arrays we can compare, the closer we get to the real picture of the market.
Real estate prices in Herceg Novi: how much does a square meter really cost?
If you really want to get one number, today you can use about 3,200 €/m² as a general guideline for the proposal for Herceg Novi.
But this figure is not enough to evaluate a specific apartment.
The usual secondary market near the sea is actually located in the area 1,800–2,500 €/m².
A good property in the right location, especially with a view, can easily be worth more. 2,650 €/m².
There is a separate luxury segment: according to aggregated data of actual completed transactions in 2026, it is approximately €5,309/m².
If the property is located far from the sea, has a difficult climb, needs repairs or has other shortcomings, the price can quickly go up 1,800–2,500 €/m².
And all this simultaneously shapes real estate prices in Herceg Novi.
So the question is:
"How much does a square meter cost in Herceg Novi?"
It doesn't seem quite right to me.
It would be more correct to ask:
"How much does such an apartment cost today, in such a building, with such a view, in such a condition and in such a location?"
And only after this does the square meter begin to make sense again.
